The collaboration between the City of Montgomery and Montgomery County has led to a new initiative aimed at supporting small businesses in the area through funds from the American Rescue Plan. Mayor Steven Reed emphasized the importance of small businesses in today’s economy and announced that a portion of the funding will be used to establish the Small Business One Stop Shop and the Access to Capital loan program.
The Small Business One Stop Shop, managed by Gaitway Solutions, will offer training programs to individuals looking to start, manage, and expand their small businesses. Meanwhile, HOPE Credit Union will oversee the Access to Capital loan program, a $2.5 million low-interest revolving fund that provides small businesses with an opportunity to apply for loans of up to $250,000.
Anna Buckalew, president and CEO of the Montgomery Area Chamber of Commerce, expressed her enthusiasm for this new system that aims to provide increased support for small businesses in Montgomery. This collaboration is expected to create a robust system that will enhance the resilience of small businesses like never before. It is anticipated that this initiative will have a positive impact on the local economy and contribute significantly to the growth and success of small businesses in Montgomery.
Further economic benefits have been observed in Montgomery with events such as the Olympic Trials generating a $1.5 million economic impact. For more updates and information on this initiative or other related topics, contact Alex Gladden at agladden@gannett.com or on Twitter @gladlyalex
